Business
Eagle Plains Partner Announces Closing of Multi Project Option Agreement, Hires Sinn for Communications, Marketing
CRANBROOK, BC / ACCESSWIRE / August 2, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) or ("Eagle P...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Partner Announces Closing of Multi Project Option Agreement, Hires Sinn for Communications, MarketingCRANBROOK, BC / ACCESSWIRE / August 2, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) or (\"Eagle Plains\") has been notified by option partner 1416753 BC Ltd. (\"141\"), a subsidiary of NevGold (\"NevGold\"), a BC corporation, that 141 has received final exchange approval for a an Option Agreement with Eagle Plains (the \"Option Agreement\") that was previously announced on May 31, 2023, whereby 141 may earn a 100% interest in the Acacia, Lost Horse, FinLith, Surprise and Toodoggone Projects, all located in British Columbia (see project summaries below).As part of the closing arrangement, 141 has issued 5,000,000 common shares to Eagle Plains.Under the terms of the agreement, 141 may earn a 100% interest in the properties by completing $1,000,000 in exploration expenditures over two years and issuing 10,000,000 141 shares. A 2% NSR on certain properties has been reserved for Eagle Plains.Project SummariesAcacia (VMS-polymetallic)The 4857ha Acacia Project, located 60 km NE of Kamloops, BC is considered to have excellent potential for hosting volcanogenic massive sulphide (\"VMS\") deposits. These deposits typically contain both base and precious metals, and occur in clusters and/or stacked lenses. The property covers a fertile stratigraphic assemblage which hosts a number of nearby, on-strike base and precious-metal VMS deposits including the Rea Gold, K7, Twin 3 and past-producing Samatosum Mine, located approximately 2.5 km northwest of current property boundary. Past drilling within target stratigraphy northwest of current property boundary returned values from trace quantities up to 10.6 g/t Au, 335.3 g/t Ag, 3.13 % Zn, 2.74% Pb, and 0.55% Cu over 2.37 m. Eagle Plains management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Acacia property.Extensive work in the area was completed following the discovery of the Samatosum and Rea deposits in the mid-1980s. Geological mapping, geophysical surveys, thousands of soil samples and over 125 drill-holes were completed in target stratigraphy within 4.0 km of the current Acacia claim boundaries. Previous fractured ownership and the cessation of work in the 1990s resulted in large gap...